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ObayashiOBAYASHI CORPORATION1802東証プライム建設業FY ending Mar 2026, consolidated, J-GAAP

Obayashi FY ending Mar 2026 results

About 44% of Obayashi's sales come from Domestic building construction, with Overseas building construction and Domestic civil engineering making up much of the rest.

Out of every ¥100 of sales, about ¥7 is left as operating profit.

Revenue changed -0.2% from the prior year, operating profit +36.6%.

Revenue and profit pattern

Revenue down, profit up

Revenue -0.2% · profit +36.6%, calculated from disclosed figures.

Operating leverage: -210.65× (profit growth ÷ revenue growth)

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue
-0.2%¥2.59T → ¥2.59T
Gross profit
+23.5%¥295.4B → ¥364.7B
Operating income
+36.6%¥142.5B → ¥194.7B
Net income attributable to owners
+19.5%¥145.4B → ¥173.8B
Operating cash flow
+200.5%¥84.2B → ¥252.9B
Free cash flow
+272.0%¥34.2B → ¥127.3B

Results at a glance

  • Revenue for FY ending Mar 2026 was ¥2.59T, essentially flat at -0.2%.
  • Profits grew anyway: operating income reached ¥194.7B (+36.6%) and net income attributable to owners ¥173.8B (+19.5%).
  • Cash generation jumped too. Operating cash flow was ¥252.9B (+200.5%) and free cash flow ¥127.3B (+272.0%).

What drove the change

  • Domestic building revenue fell after large projects wound down the year before, but profit rose thanks to extra and change-order work and a larger share of higher-margin jobs.
  • Overseas civil engineering had a bigger backlog that progressed smoothly, and the real estate business sold development properties.
  • Operating cash flow rose because the domestic construction business stayed on solid footing.

Things to watch

  • Instability in the Middle East could push up building material prices, make sourcing harder, and lead customers to hold back on capital spending.
  • Rising labor rates and a shortage of skilled workers could raise construction costs and squeeze margins.
  • If goodwill from acquisitions or the value of its real estate falls, the company may have to book impairment losses.

Annual Securities Report, 122nd term (Apr 2025 – Mar 2026) / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual Securities Report, 122nd term (Apr 2025 – Mar 2026) / 事業等のリスク

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

Where ¥100 of sales goes

For every ¥100 Obayashi sells, how much goes where, and how much is kept.

FY ending Mar 2026
Cost of sales
¥86
SG&A
¥7
Operating profit
¥7
Net profit kept
¥7

Annual margin trends

Gross margin14.1%
FY ending Mar 2021: 12.8%12.8%FY ending Mar 2022: 8.0%8.0%FY ending Mar 2023: 10.9%10.9%FY ending Mar 2024: 9.4%9.4%FY ending Mar 2025: 11.4%11.4%FY ending Mar 2026: 14.1%14.1%FY21FY22FY23FY24FY25FY26
Operating margin7.5%
FY ending Mar 2021: 7.0%7.0%FY ending Mar 2022: 2.1%2.1%FY ending Mar 2023: 4.7%4.7%FY ending Mar 2024: 3.4%3.4%FY ending Mar 2025: 5.5%5.5%FY ending Mar 2026: 7.5%7.5%FY21FY22FY23FY24FY25FY26
Net margin6.7%
FY ending Mar 2021: 5.6%5.6%FY ending Mar 2022: 2.0%2.0%FY ending Mar 2023: 3.9%3.9%FY ending Mar 2024: 3.2%3.2%FY ending Mar 2025: 5.6%5.6%FY ending Mar 2026: 6.7%6.7%FY21FY22FY23FY24FY25FY26

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第122期(2025/04/01－2026/03/31)

    ID S100YITC2026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第121期(2024/04/01－2025/03/31)

    ID S100W0FJ2025-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第120期(2023/04/01－2024/03/31)

    ID S100TXH22024-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第119期(2022/04/01－2023/03/31)

    ID S100R95O2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第118期(令和3年4月1日－令和4年3月31日)

    ID S100OE642022-06-24Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第117期(令和2年4月1日－令和3年3月31日)

    ID S100LWQ72021-07-05Open

Extracted from XBRL: 54 / Derived from other figures: 2

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